Tag: Best Practices

On today’s episode of Extra Credit…Year-end slowed or delayed payments have become common practice for businesses. Mastering strategies to handle these slow payers will keep cash flowing and risk at bay as you close out the year. Here’s your survival guide to tackling year-end collections so you can ward off any cash flow scares.

A personal guarantee, a legal commitment where an individual pledges to cover the business’s debts if the promise to pay an obligation is broken, has become a significant tool in the credit industry.

Deciding when to write off an account as bad debt is one of the most challenging calls that credit managers face.

As year-end approaches, credit professionals face a familiar haunting: customers suspending payments and disappearing into the night, causing cash flow challenges just when stability is needed most. From dodging payments to “ghosting” invoices, slow-paying customers can turn the year-end into a horror story for credit teams.

Earning one of NACM’s professional designations reflects not only a commitment to mastering the technical skills needed to thrive in the credit industry, but also a dedication to exhibiting best practices in an industry that is ever changing. For Whitney Styer, CCRA, assistant credit manager at Helena Agri-Enterprises, LLC, (Collierville, TN), earning her Credit Business Fellow (CBF) designation helped deepen her understanding of credit.  

NACM’s annual Credit Congress & Exposition is a chance for credit professionals from across the nation to grow their network, stay current on the latest industry trends and connect with others in their field. The various educational sessions and forums provide invaluable knowledge for long-term professional and personal growth.  

As budgeting season kicks into high gear for many companies, credit managers are finding themselves ready to advocate for their department’s needs. Whether working solely on department budgets, helping to shape company-wide spending plans or anticipating risk, the process can be daunting.

Credit managers frequently dive into new projects, whether that’s implementing new technology or updating a credit policy. Effective project management is key to successfully completing any project, no matter its size.

The debate over whether to combine or separate credit and collections functions is a hot topic in the B2B credit industry. Companies on both sides of the argument offer compelling reasons for their approach.